Oslo Outlook #4 2025: What comes next for Oslo? Securing competitiveness in a changing economy
The annual Oslo Outlook for 2025 shows that the city is at an important turning point, where several key trends are beginning to shape its future. Despite a cooler economy overall, Q4 shows gradual strengthening in several key areas. Venture capital activity is increasing, and the visitor economy continues to grow.
A cooling labour market with some strong signals
The labour market is clearly adjusting. Unemployment has increased from 2.17% to 2.51%, and job vacancies have fallen by 31%, meaning more people are now seeking work than there are available positions. At the same time, the Oslo region continues to operate well below the national unemployment rate of 4%, indicating relative labour market strength.
Venture capital activity shows early signs of recovery
Unlike the other Nordic capitals, Oslo saw a 30% increase in the number of investment rounds through Q3, pointing to renewed activity in the local venture market. This year’s trend of fewer but larger rounds shows Oslo’s ability to produce strong companies and attract capital at later stages.
While Oslo remains the smallest VC market among the Nordic capitals in overall volume, this reflects a question of scale rather than capability. Strengthening access to private capital represents a clear opportunity to accelerate growth and fully realise the region’s value creation potential.
Tourism plays a growing role in the local economy
The visitor economy is playing an increasingly important role in Oslo. International tourists now account for more than half of all overnight stays, highlighting tourism as a stabilising force in local economic activity and a growing contributor to employment and demand across the city.
Securing Oslo’s future competitiveness
Taken together, the 2025 figures show a city at a strategic crossroad. Oslo has built a reputation as one of Europe’s most dynamic small hubs for innovation, entrepreneurship, and investment. As documented in the State of the City 2025 report, launched in September, this position has been earned through long-term effort and collaboration.
Maintaining Oslo’s competitive edge will require continued, targeted investment in innovation, capital access, talent attraction, and international visibility. The foundations are strong, and the choices made now will play a decisive role in strengthening Oslo’s competitiveness in the years ahead.
Oslo Outlook Q4: 2025
Go to resource pageAbout Oslo Outlook
Oslo Outlook is a quarterly analysis of Oslo’s development in labour, business, and attractiveness. Commissioned by Oslo Business Region and based on analyses from Oslo Economics, it draws on sources including Statistics Norway, Innovation Norway, Norges Bank, and international investment databases.
Tracking developments since 2018, it provides businesses, policymakers, and the public with a reliable overview of the trends shaping Oslo’s future.